ECONOMIC PRINCIPLES (Introduction to Economics)
1)
Economics is best defined as the study of:
1)
_______
A)
financial decision-making.
B)
how consumers make purchasing decisions.
C)
choices made by people faced with scarcity.
D)
inflation, unemployment, and economic growth.
2)
Economics is the study of:
2)
_______
A)
how to invest in the stock market.
B)
how society uses limited resources.
C)
the role of money in markets.
D)
how government officials decide which goods and services are produced.
3)
Scarcity can best be defined as a situation in which:
3)
_______
A)
there are no buyers willing to purchase what sellers have produced.
B)
there are not enough goods to satisfy all of the buyers demands.
C)
1
, resources are limited in quantity and can be used in different ways.
D)
there is more than enough money to satisfy consumers wants.
4)
Because resources are limited:
4)
_______
A)
only the very wealthy can get everything they want.
B)
firms will be forced out of business.
C)
the availability of goods will be limited but the availability of services will not.
D)
people must make choices.
5)
Which of the following is an example of scarcity?
5)
_______
A)
If you choose to play video games you will not have as much time for exercise.
B)
If a city uses an acre of land to build a park there will be less land for houses.
C)
If I decide to buy a new car I may not have enough money to go away on vacation this year.
D)
All of the above are examples of scarcity.
6)
________ is a situation in which resources are limited in quantity and can be used in
different ways.
6)
_______
A)
Choice
B)
2
1)
Economics is best defined as the study of:
1)
_______
A)
financial decision-making.
B)
how consumers make purchasing decisions.
C)
choices made by people faced with scarcity.
D)
inflation, unemployment, and economic growth.
2)
Economics is the study of:
2)
_______
A)
how to invest in the stock market.
B)
how society uses limited resources.
C)
the role of money in markets.
D)
how government officials decide which goods and services are produced.
3)
Scarcity can best be defined as a situation in which:
3)
_______
A)
there are no buyers willing to purchase what sellers have produced.
B)
there are not enough goods to satisfy all of the buyers demands.
C)
1
, resources are limited in quantity and can be used in different ways.
D)
there is more than enough money to satisfy consumers wants.
4)
Because resources are limited:
4)
_______
A)
only the very wealthy can get everything they want.
B)
firms will be forced out of business.
C)
the availability of goods will be limited but the availability of services will not.
D)
people must make choices.
5)
Which of the following is an example of scarcity?
5)
_______
A)
If you choose to play video games you will not have as much time for exercise.
B)
If a city uses an acre of land to build a park there will be less land for houses.
C)
If I decide to buy a new car I may not have enough money to go away on vacation this year.
D)
All of the above are examples of scarcity.
6)
________ is a situation in which resources are limited in quantity and can be used in
different ways.
6)
_______
A)
Choice
B)
2
